FXF vs. CEW
FXF (Invesco CurrencyShares® Swiss Franc Trust) and CEW (WisdomTree Emerging Currency Strategy Fund) are both Currency funds. FXF is passively managed, while CEW is actively managed. Over the past 10 years, FXF returned 1.25%/yr vs 2.54%/yr for CEW. At a 0.39 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.55%/yr for CEW.
Performance
FXF vs. CEW - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -0.20% return, which is significantly lower than CEW's 2.70% return. Over the past 10 years, FXF has underperformed CEW with an annualized return of 1.25%, while CEW has yielded a comparatively higher 2.54% annualized return.
FXF
- 1D
- -0.62%
- 1M
- -1.07%
- YTD
- -0.20%
- 6M
- 0.70%
- 1Y
- 3.46%
- 3Y*
- 4.38%
- 5Y*
- 2.01%
- 10Y*
- 1.25%
CEW
- 1D
- -0.25%
- 1M
- 0.38%
- YTD
- 2.70%
- 6M
- 3.84%
- 1Y
- 8.61%
- 3Y*
- 6.87%
- 5Y*
- 3.05%
- 10Y*
- 2.54%
FXF vs. CEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.20% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
CEW WisdomTree Emerging Currency Strategy Fund | 2.70% | 14.48% | -0.99% | 9.06% | -1.65% | -6.62% | -0.04% | 4.78% | -5.09% | 11.09% |
Correlation
The correlation between FXF and CEW is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | 0.39 |
The correlation between FXF and CEW shifts across timeframes, from 0.39 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. CEW — Risk / Return Rank
FXF
CEW
FXF vs. CEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and WisdomTree Emerging Currency Strategy Fund (CEW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FXF | CEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.26 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 2.24 | -1.52 |
| Martin ratioReturn relative to average drawdown | 1.62 | 7.57 | -5.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXF | CEW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.47 | 1.39 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.45 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.36 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.14 | +0.04 |
Drawdowns
FXF vs. CEW - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, which is greater than CEW's maximum drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for FXF and CEW.
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Drawdown Indicators
| FXF | CEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -27.89% | -7.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.82% | -3.85% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -5.28% | -3.24% |
Max Drawdown (5Y)Largest decline over 5 years | -13.03% | -15.02% | +1.99% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -17.72% | +2.68% |
Current DrawdownCurrent decline from peak | -18.53% | -0.93% | -17.60% |
Average DrawdownAverage peak-to-trough decline | -20.84% | -13.01% | -7.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.14% | +1.01% |
Volatility
FXF vs. CEW - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) and WisdomTree Emerging Currency Strategy Fund (CEW) have volatilities of 1.69% and 1.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | CEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 1.65% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 5.04% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.51% | 6.23% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 6.85% | +1.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 7.03% | +0.54% |
FXF vs. CEW - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than CEW's 0.55% expense ratio.
Dividends
FXF vs. CEW - Dividend Comparison
FXF has not paid dividends to shareholders, while CEW's dividend yield for the trailing twelve months is around 2.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CEW WisdomTree Emerging Currency Strategy Fund | 2.41% | 2.47% | 5.42% | 2.00% | 0.80% | 0.00% | 0.64% | 1.90% | 1.87% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXF and CEW have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.69%) compared to CEW (1.65%). In terms of maximum drawdown, FXF dropped -35.58% vs CEW's -27.89%.
On 10-year performance, CEW leads with 2.54% vs 1.25% for FXF. On fees, FXF is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CEW has performed better with a 2.54% return vs 1.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.55% for CEW.
CEW has the higher dividend yield at 2.41%, compared with 0.00% for FXF.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXF and 0.55% for CEW.
CEW currently has the higher Sharpe Ratio (1.39 vs 0.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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